ITI Limited signs contract with Defense to implement Rs 7796 Crore ASCON Phase-IV project

To strengthen the communication network for Indian Army, ITI Limited, a telecom & defense equipment manufacturing PSU has today signed Rs 7,796 crore Phase IV Project of Army Static Switched Communication Network (ASCON) for deploying strategic network for secured communication across the country and subsequent maintenance for next 10 years.

The contract was signed by Shri Rakesh Mohan Agarwal, CMD, ITI Limited and Joint Secretary & Acquisition Manager (Land Systems), Ministry of Defense, Government of India in New Delhi today.

ASCON is the army's telecom network spread across different terrains in the northern, north-eastern and western regions. The project is an IP MPLS based communication network with Microwave Radio, Satellite and Optical Fiber Network as media. The project includes installation, commissioning and maintenance of telecom equipments like IP/MPLS Routers, NMS, Mobile Nodes, Test Equipment and civil works for providing the complete infrastructure at various sites and roll out optical fiber network of about 11,000 kms.

Shri R M Agarwal, Chairman and Managing Director, ITI Limited said, "having successfully implemented and maintaining the first three phases of ASCON project for last 3 decades, we have an edge in implementing this prestigious project. Having ASCON IV project at this juncture certainly gives a big boost to Indian army and ITI is very much excited to roll out this network".

The scope of the project also includes a warranty period of two years and maintenance support of the network for another eight years after the warranty.

Shares of ITI LTD. was last trading in BSE at Rs.125.15 as compared to the previous close of Rs. 124.9. The total number of shares traded during the day was 25291 in over 762 trades.

The stock hit an intraday high of Rs. 127.35 and intraday low of 124.5. The net turnover during the day was Rs. 3181769.

Source : Equity Bulls

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